< Back to previous page

Bankruptcy and insolvency admin fees to increase

Published on 23 Feb 2010 under category: legal

The government has announced new proposals to change the fee structure in the insolvency process, to make the process fairer for both debtors and creditors.

Companies that face liquidation will also be charged higher deposits by the Companies Investigation Branch – from April 6th onwards, firms will be charged £2,235 for winding up administration fees.

The fee for companies given petitions before that date will remain at £2,160.

In addition, more people will become eligible for debt relief orders, under new government proposals.

The government is extending eligibility for debt relief orders, in order to reduce the number of individuals forced to claim bankruptcy.

Currently, only those with assets of less than £300 are eligible for the orders, which only cover debts up to £15,000. Now, those  with very small pension funds who otherwise fit the criteria will be able to apply.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.